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Strategies & Market Trends : Steve's Channelling Thread -- Ignore unavailable to you. Want to Upgrade?

To: Bosco who wrote (6801)	10/25/2000 6:40:42 PM
From: Rashomon	Read Replies (1) \| Respond to of 30051

Bosco -- I probably wouldn't have gone into such detail if I'd realized I was posting, but . . . Coyote Valley isn't going to change matters much, and the overall development there is going to take awhile. See: www0.mercurycenter.com Note that Berg is already one of the large buyers there. He personally carries the risk of that land purchase, while MSW will have the contractual right to buy any developments for a very small amount over his actual costs if they're ever built -- typically less than a general contractor makes on a building. I started buying MSW at 6 5/8 when it first started trading, and have been very happy with it since then. I recently substantially added to my position at 13 because the development pipeline is more than full, is pre-leased, and the rent roll-overs are coming in about 80 percent above their former values -- and, besides, it's nice to see some green on days the NAZ is tanking ;-) Of course the Valley is in a bubble, but I don't think it's going to pop immediately, in particular for commercial R&D space. Almost all of MSW's properties are leased triple-net for 5 to 10 years to single tenants, the largest being MSFT for their campus.